Savings Secured Loan Info
The dynamics of the BMO Harris secured loan is quite simple. It allows you to use the value of your savings account funds or your certificate of deposit with this bank to obtain financing.
This way, you continue to earn interest on your investments and you don't need to take the money out of the CD early.
This secured credit does not have many requirements, you will only need to have enough money in your savings account or CD and a favorable credit history.
When you apply, you can call or visit the office nearest you. You then receive personalized assistance in choosing your terms and then wait for approval.
During this process, you will be asked for the following documentation:
- Valid identification with a current address
- Details related to your BMO Harris Savings or CD account.
When you receive approval for this secured credit, the funds will be deposited into the account of your choice or awarded by check. If you would like to receive a 0.25% interest rate discount, you must use the Auto Pay feature of a BMO Harris checking account to enable automatic discounting of monthly payments.
The BMO Harris Bank secured loan is an interesting alternative when you have the right collateral and need money in a few days. If you want to compare other secured loans, in this article we analyze other cases.
Español: Préstamo asegurado de BMO Harris Bank